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Company No: 09100774 (England and Wales)

CP GROUNDWORKS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

CP GROUNDWORKS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

CP GROUNDWORKS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
CP GROUNDWORKS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 188,182 169,733
188,182 169,733
Current assets
Debtors 4 1,249,922 1,575,269
Cash at bank and in hand 183,995 216,411
1,433,917 1,791,680
Creditors: amounts falling due within one year 5 ( 602,885) ( 1,067,567)
Net current assets 831,032 724,113
Total assets less current liabilities 1,019,214 893,846
Creditors: amounts falling due after more than one year 6 ( 65,009) ( 83,985)
Provision for liabilities 7 ( 47,045) ( 42,433)
Net assets 907,160 767,428
Capital and reserves
Called-up share capital 3 3
Profit and loss account 907,157 767,425
Total shareholder's funds 907,160 767,428

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of CP Groundworks Limited (registered number: 09100774) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Christian Edward Larter
Director

18 January 2024

CP GROUNDWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
CP GROUNDWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CP Groundworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 July 2022 298,170 298,170
Additions 84,183 84,183
Disposals ( 12,004) ( 12,004)
At 30 June 2023 370,349 370,349
Accumulated depreciation
At 01 July 2022 128,437 128,437
Charge for the financial year 64,133 64,133
Disposals ( 10,403) ( 10,403)
At 30 June 2023 182,167 182,167
Net book value
At 30 June 2023 188,182 188,182
At 30 June 2022 169,733 169,733
Leased assets included above:
Net book value
At 30 June 2023 183,586 183,586
At 30 June 2022 159,646 159,646

4. Debtors

2023 2022
£ £
Trade debtors 441,911 670,190
Other debtors 808,011 905,079
1,249,922 1,575,269

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 119,559 378,883
Corporation tax 77,333 73,982
Other taxation and social security 6,822 4,931
Obligations under finance leases and hire purchase contracts (secured) 61,798 75,287
Other creditors 327,373 524,484
602,885 1,067,567

Included in other creditors are secured creditors of £272,131 (2022: £454,443)
Included in obligations under finance leases and hire purchase contracts are secured creditors of £61,798 (2022: £75,287)

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 24,167 34,167
Obligations under finance leases and hire purchase contracts (secured) 40,842 49,818
65,009 83,985

Included in obligations under finance leases and hire purchase contracts are secured creditors of £40,842 (2022: £49,818)

7. Provision for liabilities

2023 2022
£ £
Deferred tax 47,045 42,433
Deferred taxation Total
£ £
At 01 July 2022 42,433 42,433
Charged to the Income Statement 4,612 4,612
At 30 June 2023 47,045 47,045

Deferred tax

2023 2022
£ £
Accelerated capital allowances 47,045 42,433
Provision for deferred tax 47,045 42,433

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director's loan account 462 0

The loan has been settled post year end resulting in no section 455 tax being due on the above balance.